IOC to make investments Rs 7,000 cr in city gas

0
207

Indian Oil Corporation on Sunday stated it’s going to make investments over Rs 7,000 crore in putting in place metropolis fuel online distribution networks withinside the towns for which it has secured a license withinside the ultra-modern bidding spherical.

Indian Oil Corporation (IOC), the nation’s biggest oil corporation, on Sunday stated it’s going to make investments over Rs 7,000 crore in putting in place metropolis fuel online distribution networks withinside the towns for which it has secured a license withinside the ultra-modern bidding spherical.

IOC secured 33 percent of the call for capacity that changed into up for grabs withinside these days concluded eleventh spherical of CGD bidding, cornering towns from Jammu to Madurai to Haldia, the corporation stated.

Of the sixty-one geographical regions or GAs that obtained bids withinside the eleventh spherical metropolis fuel online distribution (CGD) bidding, IOC was given nine licenses to retail CNG to cars and piped cooking fuel lines to households. Though the GAs it gained had been much less than Megha Engineering and Infrastructures Ltd‘s 15 licenses and Adani Total Gas Ltd’s 14, withinside the phrases of call for capacity it was given the maximum.

“The nearest competing bidder changed into left with much less than 20 percent of the call for capacity withinside the bidding spherical wherein IOC bagged nine out of the 15 excessive capacity GAs,” the corporation stated in an announcement.

“With this huge win withinside the eleventh bidding spherical, IOC and its friends might carrier nearly 28 percentage of the blended CGD capacity withinside the three rounds of bidding until now, that is a way beforehand of the subsequent important participant.”

The Petroleum and Natural Gas Regulatory Board (PNGRB) ultimate week opened the bids and determined on initial winners.

IOC’s obtained GAs encompass important districts like Jammu, Pathankot, Sikar, Jalgaon, Guntur (Amravati), Tuticorin, Tirunelveli, Kanyakumari, Madurai, Dharmapuri, and Haldia (East Midnapore).

These districts comprise excessive-call for clients throughout the industry-commercial-home spectrum for PNG (Piped Natural Gas) and CNG (Compressed Natural Gas).

Speaking at the occasion, IOC Chairman Shrikant Madhav Vaidya stated the organization has a proud legacy of usually aligning its increased timetable with countrywide priorities.

Reflecting on the ultra-modern developments, Vaidya stated IOC’s “intelligently aggressive” technique withinside the ultra-modern CGD bidding method has been capable of stable 9 excessive marketplace capacity GAs that cowl 26 districts unfold throughout the United States of America.

After the eleventh Round of CGD bidding, IOC at the side of its joint assignment businesses is now found in forty-nine GAs and one zero five districts unfold throughout 21 states and UTs, making it one of the maximum considerable CGD gamers withinside the United States of America.

On a standalone basis, IOC will now have a presence in 26 GAs and sixty-eight Districts unfold throughout eleven states and UT overlaying almost 20 percentage of the whole CGD marketplace capacity in GAs introduced these days in three bidding rounds.

Follow and connect with us on Facebook, LinkedIn & Twitter

LEAVE A REPLY

Please enter your comment!
Please enter your name here